s 214-105

General interest charge

In force

If:

(a)

franking deficit tax that is payable by the entity remains unpaid after the time by which it is due and payable; and

(b)

the Commissioner has not allocated the unpaid amount to an RBA;

the entity is liable to pay the general interest charge on the unpaid amount for each day in the period that:

(c)

starts at the beginning of the day on which the franking deficit tax was due to be paid; and

(d)

ends at the end of the last day on which, at the end of the day, any of the following remains unpaid:

(i)

the franking deficit tax;

(ii)

general interest charge on any of the franking deficit tax.

Note:

The general interest charge is worked out under Part IIA of the Taxation Administration Act 1953.

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